Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>Despite a share price correction this month, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> remains firmly amid an earnings upgrade cycle driven by improved profitability expectations.</li>
<li>Following significant share price volatility over the past 2 months, JD.com’s near-term momentum indicators currently display bullish signals.</li>
<li>JD.com still trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.</li>
</ul>


Despite a share price correction this month, JD.com (9618 HK) remains firmly amid an earnings upgrade cycle driven by improved profitability expectations.
Following significant share price volatility over the past 2 months, JD.com’s near-term momentum indicators currently display bullish signals.
JD.com still trades at more than one standard deviation below its 5-year historic average forward PE ratio, and near the lowest level it has ever been.


JD.com (9618-HK): Positive Technical Analysis Signals

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The December rebalance for the HSIII Index only involves capping to limit stocks to 12% of the index weight. There will not be any constituent changes.</li>
<li>Estimated one-way turnover at the rebalance is 4.4% resulting in a round-trip trade of HK$2.9bn (US$378m).</li>
<li>The largest outflows are expected to be from <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> with inflows spread across the other index constituents.</li>
</ul>


The December rebalance for the HSIII Index only involves capping to limit stocks to 12% of the index weight. There will not be any constituent changes.
Estimated one-way turnover at the rebalance is 4.4% resulting in a round-trip trade of HK$2.9bn (US$378m).
The largest outflows are expected to be from Meituan (3690 HK) and JD.com (9618 HK) with inflows spread across the other index constituents.


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Capping Flows in December

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>On October 18, JD denies there is a run on JD Finance.</li>
<li>Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.</li>
<li>We believe the event will negatively impact JD and benefit Alibaba.</li>
</ul>


On October 18, JD denies there is a run on JD Finance.
Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.
We believe the event will negatively impact JD and benefit Alibaba.


JD.com (JD US): Boycotted by Male Users, Denies Run on JD Finance

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>JD.com reported its second quarter and interim 2024 earnings, presenting a mixed performance amid challenging market conditions.</li><li>The company achieved record non-GAAP net profit for a single quarter, indicating strong profitability and effective cost management.</li><li>However, revenue growth was modest, reflecting the competitive and dynamic nature of the market JD.com operates in.</li></ul>

JD.com reported its second quarter and interim 2024 earnings, presenting a mixed performance amid challenging market conditions.The company achieved record non-GAAP net profit for a single quarter, indicating strong profitability and effective cost management.However, revenue growth was modest, reflecting the competitive and dynamic nature of the market JD.com operates in.

JD.com Inc.: Enhancing Platform Ecosystem For Third-Party Sellers As A Key Growth Catalyst! - Major Drivers

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

JD.com (9618-HK): Positive Technical Analysis Signals

In this insight, we perform a technical analysis of JD.com by looking at earnings forecast revision trends, momentum indicators, and current...

Wium Malan, CFA

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Capping Flows in December

No constituent changes but there will be capping flows. Estimated one-way turnover at the rebalance is 4.4% resulting in a round-trip trade of...

Brian Freitas

JD.com (JD US): Boycotted by Male Users, Denies Run on JD Finance

JD denies there is a run on JD Finance. Many male users claimed they boycott JD for the invitation of Miss Yang, a talk show celebrity.

Ming Lu

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JD.com Inc.: Enhancing Platform Ecosystem For Third-Party Sellers As A Key Growth Catalyst! - Major Drivers

JD.com reported its second quarter and interim 2024 earnings, presenting a mixed performance amid challenging market conditions. The company...

Baptista Research

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